The Reserve Bank of India (RBI) on Monday called upon fintech companies to build a consensus around the membership criteria of the proposed self-regulatory organisation (SRO) and whether the sector should have a singular or multiple SROs. The central bank has issued draft guidelines on fintech SRO and has sought public feedback by February.
“Since most entities in the fintech sector are not directly regulated at present, the industry needs to answer the question of how an SRO would create incentives for membership,” the RBI said. Whether the recognised SRO comprises only of members who are unregulated, or in combination with those who are regulated “even for a part of their…
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